An injudicious tax offers a great temptation to smuggling. But the penalties of smuggling must rise in proportion to the temptation. The law, contrary to all the ordinary principles of justice, first creates the temptation, and then punishes those who yield to it…
— Adam Smith
Book V of Adam Smith’s classic is entitled “Of the Revenue of the Sovereign or Commonwealth,” includes the above as well as many thoughtful passages about what we nowadays call public finance. Our Political Economy Book Club will discuss this final part of Wealth of Nations on Wednesday, November 12. You can download or read the book on line from severalsources, borrow it from many public libraries, or purchase a copy inexpensively.
For further information or to let us know you’re coming, email PEBC coordinator Bob Matter or call 312 450 2906.
CTA Gray Line could fit here. Image credit: Anthony N via flickr(cc)
We sometimes describe Henry George’s fiscal proposal as a “smart tax,” unlike the inefficient anti-prosperity taxes that fund most government programs today. Similarly, there can be “smart” transit facilities, which are distinguished from dumb ones because they are cost less and provide more service. Perhaps the most prominent recent smart transit proposal is the CTA Gray Line, whose creator, Mike Payne, will be our speaker tonight.
Launching the Gray Line would provide a brand new CTA Rapid Transit (‘L’) service (on EXISTING facilities) to Grant Park, the Museum Campus, the newly renovated Soldier Field, and McCormick Place (with a connected station under the McCormick Place South Bldg.)
Also service to Bronzeville, Hyde Park, the Museum of Science & Industry (with an ADA compliant station 1 1/2 blocks away), the University of Chicago, Woodlawn, South Shore, South Chicago, Chatham, Chicago State University, Pullman, Roseland, Blue Island, and Hegewisch; again almost all Gray Line facilities are in place, and operating RIGHT NOW TODAY.
. . .
There is N O need for costly and time consuming design and engineering, right-of-way acquistion, condemnation, demolition, clearing, materials acquisition, delivery, and major construction; the CTA Gray Line ‘L’ System could be up and providing CTA ‘L’ service to the Far South Side WITHIN O N E YEAR, rather than waiting until 2016 for completion of the Red Line Extension.
Come to this free presentation to meet and question a prominent transit activist, and think about what could be done with all the public money saved by smart projects like the CTA Gray Line.
Decades before Wealth of Nations, Adam Smith wrote what he seems to have considered a superior work, Theory of Moral Sentiments. He wrote:
How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it.
Wikipedia asserts:
Smith critically examines the moral thinking of his time, and suggests that conscience arises from dynamic and interactive social relationships through which people seek “mutual sympathy of sentiments.”[74] His goal in writing the work was to explain the source of mankind’s ability to form moral judgement, given that people begin life with no moral sentiments at all. Smith proposes a theory of sympathy, in which the act of observing others and seeing the judgements they form of both others and oneself makes people aware of themselves and how others perceive their behaviour.
The Theory of Moral Sentiments has been printed in numerous editions, and is also available free on line. Smith revised the book throughout his lifetime; it’s best to avoid the first edition, and choose one published after his death in 1790.
In this session we’ll discuss parts 1-3 of the book, taking up parts 4-7 on November 20,
